June 10, 2012

Eurozone "buys time" with loan to Spain: 100 billion euros.

Greece, Ireland, Portugal--and now Spain. The European Union and IMF at this point have earmarked 500 billion euros to finance European bailouts. What's remarkable to me is that European policymakers and world markets largely consider this fourth loan of 100 billion euros to be good news. Short term, it certainly is. But long term? How deep and desperate worldwide must the crisis become? See, e.g., at Reuters "Eurozone Agrees To Lend Spain Up To 100 Billion Euros".